Duplicate 8949 eliminated, but now have a problem with Schedule D

[alcibiades77]

Hello DavidD66,

I appreciate your response to my issue, but I'm not sure I've described it adequately.  My brokerage firm shows the transaction in the 1099 report I received but describes it as "noncovered securities and corresponds to transactions reported on your 1099-B as cost basis is available but not reported to the IRS.  Report on Form 8949, Part 1, with Box B checked."

I followed this instruction, but then Turbo Tax generated a duplicate 8949, and it required that I select Box C -   Short-term transactions other than digital asset transactions not reported to you on Form-B or Form 1099-DA.

I went back in and corrected the K-1 add'l info as the IRS directs - zeroing out lines 5 (sales price) and 7 (Basis of Partnership interest) and this allowed me to finally delete the duplicate 8949 copy.  But I still have a problem with my Schedule D because it wants entries (which I no longer have) for Box C for form 8949.

Thanks again for your help and any clarification you could provide would be greatly appreciated.

Regards,

alcibiades77

[JamesG1]

Did you buy, then sell, a publicly traded partnership?  If this is the case, you received both the final K-1 and the IRS form 1099-B entry from your broker.  You may have reported the sale of the PTP twice.

The sale can be reported through the K-1 screens or through the 1099-B entries. 

Be aware that if: 

• At the screen Describe the Partnership, you report Disposed of a portion of my interest.... and
• At the screen Tell Us About Your Sale you report Sold Partnership Interest,

the sale is being reported.  You would not report the sale on IRS Form 1099-B Proceeds. 

Within the K-1 entries, 

• at the screen Describe the Partnership, select This partnership ended in 2022, and 
• at the screen Describe Partnership Disposal, select No entry.

In this case, you would report the sale on IRS Form 1099-B Proceeds. 

Make sure that the sale is not reported twice.  Review the sale of the investment reported on IRS Form 8949 Sales and Other Dispositions of Capital Assets and IRS Form 1040 Schedule D Capital Gains and Losses. 

To report the sale through the IRS form 1099-B entries, select Add investments under Investments and Savings and Stocks, Cryptocurrency, Mutual Funds, Bonds, Other. 

You are able to view the entries at Tax Tools / Print Center / Print, save or preview this year's return.

[alcibiades77]

Hello JamesG1,

I believe I have it all squared away.  Everything seems to balance out correctly now and I eliminated that extraneous Schedule D line, so I think I'm good to go.

Thanks very much for your help!

Regards,

Alcibiades77